1. Present winding up petition has been filed under Section 433(e) read with Sections 434 and 439 of the Companies Act, 1956 (for short ‘Act’) for winding up of the respondent company. The application being CA 1290/2007 has been filed seeking appointment of a Provisional Liquidator.

2. The facts as borne out from the petition are that the respondent company on 31st December, 2003 had placed a purchase order on the petitioner for conveyor system 4x4x6 along with accessories, source raising mechanism, pressure plate for its irradiation plant at Sonepat for a consideration of ` 1,26,00,000/-. Thereafter, a number of revisions were made in the purchase order from time to time and finally the respondent company was to pay to the petitioner a sum of ` 1,90,83,443/-inclusive of statutory charges. According to petitioner, it had fulfilled all its obligations under the purchase order but the respondent company paid only a sum of ` 1,67,19,053/-to the petitioner leaving a balance of ` 23,64,390/-as outstanding.

3. Thereafter, on 27July, 2006 an agreement was executed between the parties whereby it was agreed that the respondent company would pay the balance amount to petitioner and